3.51% 12-Month CD at Peoples Bank in Georgia


Peoples Bank is offering a 3.51% APY 12-month CD. Minimum deposit is $500. The CD is also available in an IRA. This rate is listed in the bank's rate table as of 2/3/2009. At the bottom of the table it states that the bank will accept applications for deposit accounts from residents of Georgia. So it appears to be a Georgia-only deal. An online application is available at the bank's CD/IRA page.

This bank also offers a reward checking account with a yield of 5.01% APY for balances up to $25K as of 2/3/2009 (see post). Note, when you select the "apply now" button for the checking account, it states that your first account with Peoples Bank must be applied for in person at one of the bank's offices.

Branches are located in the Georgia cities of Lithonia, Covington and Conyers which are just east of Atlanta.

The bank's ratings for safety and soundness are weak: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. These ratings are based on 9/30/08 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1934 (FDIC Certificate # 173).
Rick Z.
Rick Z. (anonymous)   |     |   Comment #1
People's Bank will not open a CD online for a first-time customer without a branch visit. Unlike the checking account, they failed to attach this restriction to their application button for CDs, but that's what a CSR at the Lithonia branch informed me after the online application screens took my personal info but failed to open an account for me.
I would note that since their 3 branches are outside the main population centers of the Atlanta metro area, it hardly seems worthwhile to expend the time and gas to visit them for a measly few bucks extra interest.
2.01% Reward Checking Account at Peoples Bank in Georgia
Update 11/09/09: The reward checking account is no longer listed at the bank's website.

Peoples Bank is offering a reward checking account that pays 2.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met:
  • 12 check card purchases
  • one or more direct deposit or automatic payment
  • receive e-statements
If these are not met, the rate falls to 0.10%. Minimum opening deposit is $50. There are no monthly service fees or minimum balance requirements.

An online application is available at the bank's checking account page. However,...

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